Surely after correctly installing this program I should be able to run it without interference from the UAC ! Is this correct ? If so is there any way to register it with the UAC so that it recognises it as a known program and allows it run without the UAC prompt.

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Acronis True Image 11 Home requires the user to have administrative privileges in the system and the Vista UAC will ask if it is really you who takes an action that requires administrator's right every time. So there is no other way to avoid UAC prompts other than turn it off.